Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p style="text-align: justify;"><span lang="EN-SG">Last year to 12/16 operating profit came in at Y49.3bn (-22%). Most of this decline was due to the currency. The Y/$ rate went from an average of Y121 in 2015 to Y110 last year and a Y1 swing has a Y600m impact on profit. Out of last year’s profit of Y49.3bn, Y45.4bn came from tyres and of this Y7.7bn came from N America. Y33.3bn came from Japan but this Japan figure includes Y20.7bn (Y27bn to 12/15) in royalties paid by the N American operation to its parent (relating to profitability of the N</span>…</p>

Last year to 12/16 operating profit came in at Y49.3bn (-22%). Most of this decline was due to the currency. The Y/$ rate went from an average of Y121 in 2015 to Y110 last year and a Y1 swing has a Y600m impact on profit. Out of last year’s profit of Y49.3bn, Y45.4bn came from tyres and of this Y7.7bn came from N America. Y33.3bn came from Japan but this Japan figure includes Y20.7bn (Y27bn to 12/15) in royalties paid by the N American operation to its parent (relating to profitability of the N…

A Bet on the Continued Recovery in US Pick-Up Sales.

Toyo Tire Corporation

A Bet on the Continued Recovery in US Pick-Up Sales.